Analyst: Bitcoin's rebound target is $89,000, MACD golden cross remains to be confirmed after the crossover

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CryptoWorld News: Bitcoin (BTC) traded close to $81,025 on May 5, up 1.56% from the previous trading day. The asset also hit an intraday high of $81,204 on that day, with trading volume remaining high as buyers returned to the $80,000 region. This rebound was driven by strong market reactions to Middle Eastern news and demand for the US spot Bitcoin ETF. Renowned crypto analyst Ali Martinez mentioned that Bitcoin has risen about 15% since a bullish MACD golden cross appeared on April 13. He pointed out that similar weekly MACD golden crosses have previously signaled early multi-month rallies. Martinez also noted that whales purchased 4,527 BTC within 24 hours, worth approximately $362 million, indicating demand from large holders. Despite overall network activity remaining weak, Santiment data shows Bitcoin’s on-chain activity has dropped to a two-year low, yet prices continue to rise. Market data also indicates that around $27 million in short positions were liquidated as BTC increased.

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